Crude oil price surged to as high as 74.81 earlier in NY session. However, pullbacks in equity markets drove price lower. The benchmark contract finished the day at 74.37, +0.6%. Others in the commodity complex also gained with RBOB gasoline and heating oil rising +2.7% and +1% to 2.05 and 1.92, respectively. Bottom-fishing was seen in natural gas which soared +4.2% to close at 2.92.

Today in Asia, the black gold falls below 74 together with retreat in stock markets. Consolidations will be seen before US market opens as investors await consumer confidence data and house price index.

US stocks rallied earlier day but then selling pressure emerged after SunTrust Bank led decline in banking sectors. SunTrust Bank said that lenders face more credit losses and commercial real estates may remain weak though 2010. Dow Jones Industrial Average rose to as high as 9588 before ending the day just +0.03% higher at 9509. S&P 500 Index slid -0.05% to 1026.

Overnight weakness in US stocks and weaker-than-expected earnings results from Chinese commodity companies dragged down the Asian stock market today. The MSCI Asia Pacific Index drops -0.4%. China's Shanghai Composite Index sinks -3.4% while Hong Kong's Hang Seng loses -1.4%.

The US Conference Board will probably report that consumer confidence rose to 48 in August from 46.6 in the prior month as macroeconomic data improved and stock markets rallied during the month. However, the rise in confidence should only be modest as concerns on employment conditions had affected sentiment.

S&P/Case-Shiller composite-20 house price index has shown moderate price decline since April. In Jun, it might have recorded slight growth of +0.3% on month-over-month basis. Compared with the same period last year, the gauge probably dropped -16.1% in June, compared with declines -17.1% in May and -18.1% in April.

Gold price plunged -1.2% to 943.7 Monday as USD strengthened. On the other hand, silver edged +0.2% higher to 14.2. The gold-to-silver ratio was around 66.5. The dollar index halted the 4-day decline and rose +0.3% to 78.27. Against the euro, the dollar climbed +0.3% while against Japanese yen, the dollar added +0.1%.